Lee Godie Painting
GUEST:
I found it on an auction site and paid about $800 for it.
APPRAISER:
This is a painting by Lee Godie, who was a self-taught Chicago legendary artist who showed up on the steps of the Art Institute in about the '70s. She suffered some tragedies and then wound up on the streets. Kind of lost it. And started making art. She was obsessed with the French Impressionists. I believe this is probably a postcard from the Art Institute. She was obsessed with beauty and thought she was bringing beauty to the world by creating these portraits, often of society ladies. It's on canvas, which is unusual, and it's double-sided.
GUEST:
Yes, yes.
APPRAISER:
Shall we show what the back looks like? She writes a lot of notes on the backs of the paintings, and I believe she traced her hands. This is part of this whole category of self-taught or outsider art.
GUEST:
Right.
APPRAISER:
And it's really interesting because this is an aspect of American folk art which has tremendous interest in the collecting world. And it's beginning to move into the realm of contemporary art. And so there's a lot of interest and the prices are beginning to rise. This is in a higher category of value and desirability because it's an early work that includes the postcard of a French 18th century work of art. There have been recent sales of this kind of work for about $3,000. So your $800 investment was a pretty good one.
GUEST:
Excellent, excellent.
Appraisal Details
Executive producer Marsha Bemko shares her tips for getting the most out of ANTIQUES ROADSHOW.
Value can change: The value of an item is dependent upon many things, including the condition of the object itself, trends in the market for that kind of object, and the location where the item will be sold. These are just some of the reasons why the answer to the question "What's it worth?" is so often "It depends."
Note the date: Take note of the date the appraisal was recorded. This information appears in the upper left corner of the page, with the label "Appraised On." Values change over time according to market forces, so the current value of the item could be higher, lower, or the same as when our expert first appraised it.
Context is key: Listen carefully. Most of our experts will give appraisal values in context. For example, you'll often hear them say what an item is worth "at auction," or "retail," or "for insurance purposes" (replacement value). Retail prices are different from wholesale prices. Often an auctioneer will talk about what she knows best: the auction market. A shop owner will usually talk about what he knows best: the retail price he'd place on the object in his shop. And though there are no hard and fast rules, an object's auction price can often be half its retail value; yet for other objects, an auction price could be higher than retail. As a rule, however, retail and insurance/replacement values are about the same.
Verbal approximations: The values given by the experts on ANTIQUES ROADSHOW are considered "verbal approximations of value." Technically, an "appraisal" is a legal document, generally for insurance purposes, written by a qualified expert and paid for by the owner of the item. An appraisal usually involves an extensive amount of research to establish authenticity, provenance, composition, method of construction, and other important attributes of a particular object.
Opinion of value: As with all appraisals, the verbal approximations of value given at ROADSHOW events are our experts' opinions formed from their knowledge of antiques and collectibles, market trends, and other factors. Although our valuations are based on research and experience, opinions can, and sometimes do, vary among experts.
Appraiser affiliations: Finally, the affiliation of the appraiser may have changed since the appraisal was recorded. To see current contact information for an appraiser in the ROADSHOW Archive, click on the link below the appraiser's picture. Our Appraiser Index also contains a complete list of active ROADSHOW appraisers and their contact details and biographies.